FTX Executives Accused of Funneling Billions in Customer Money

Cryptocurrency exchange FTX transferred over $3.2 billion through payments and loans to company founders and key employees, including $2.2 billion to founder Sam Bankman-Fried through related entities, according to a statement filed with the bankruptcy court. The transfers did not include over $240 million spent on luxury property, political and charitable donations, and substantial transfers to non-debtor units. Bankman-Fried is facing federal fraud charges for allegedly stealing billions of dollars in FTX customer funds to plug losses at Alameda Research and making illegal political donations.